09/10/2008
Papua New Guinea-focused Allied Gold claims ‘significant’ new drilling results at its Sorrowar and Pigiput prospects.
Based in Western Australia and quoted Down Under and on AIM, Allied, which hopes to develop opportunities at Simberi in Papua New Guinea’s Tabar Island district, highlights preliminary drilling results from new sites in Simberi’s Sorrowar area.These include 25 metres at a respectable 11.6 grammes of gold per tonne of ore, 11 metres at an encouraging 24.6 grammes a tonne, six metres at an impressive 42.9 grammes a tonne and one metre at a bonanza 166 grammes a tonne.
Allied shares have crumbled, in line with those of other exploration companies, from 47p in late 2007 to 12p today, valuing the company at £49 million. They are speculative.
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